Pension Dumping

Discussion in 'FedEx Discussions' started by MrFedEx, Jun 29, 2008.

  1. MrFedEx

    MrFedEx Engorged Member

    The scourge of the corporate world are companies that go ahead and dump their pension plans, even when their economic health is robust. Equally corrupt are the CEO's and complicit boards that go along with this gargantuan scam. Thanks to the Pension Guarantee provision of the ERISA Act of 1974, hourlies will probably get most of their retirement, but it gets funded by the taxpayer, and the company skates away like Michelle Kwan. Thanks again, Fred!!!
     
  2. The Mayor

    The Mayor Guest

    Mr. FedEx,

    I've only got 5 years left to go til I plan on retiring (unless I get fired). What's this new item entail that you posted. Did Mr. Bigshot dump our pension plan? If so, let me know. We have a meeting with our MD very soon and I would love to ask him this question. Please also feel free to give any further specific details that you have.

    Thanks bro.....

    The mayor
     
  3. MrFedEx

    MrFedEx Engorged Member

    The PPP is technically a "pension", but the amount is so small as to be laughable. The reality is that our original pension plan has been dumped as of June 1st of this year, and that everyone (except pilots and higher levels of mgmt, of course) falls under the new PPP. The old pension plan wasn't great, but at least it offered some measure of funding toward a decent retirement, even though it was about half what a UPS driver would get. The new enhanced 401k is not a substitute for a pension, nor would it ever be, even if the stock market was making money. Unless you're a market genius, your 401k is actually going backwards right now. The net effect is that you're not making any headway towards retirement. Ask your MD what the monthly payout would be for an employee who puts in 20 years with FedEx. You'll be shocked at how little it is, and he'll probably try and evade a direct answer.

    Why don't you ask your MD if HE falls under the PPP plan? Also ask if he enjoys stock options, a company car, and many other perks that us lowly hourlies either don't get or have had taken away. Also ask him about his salary. If you get an answer, it probably won't be an honest one. Remember Profit Sharing? How about insurance benefits where you don't have to wage a pitched battle with CIGNA just to have your legitimate health costs covered? Frankly, I'm surprised that an MD would have the balls to even show their face in the field these days. Good luck!
     
  4. The Mayor

    The Mayor Guest

    I don't know about you or where you work, but I did recieve a notification of what my pension payout would be. I also called the 800 number and they corrected themselves and said that we would be recieving another statement this year (08) of what the corrected amount would be. They stated that last year was the final year, but then revoked it to show that the ppp would go into effect next year. My amount personally wasn't bad. I don't know what market level you work in, but I can agree with you that the ppp is a joke versus the traditional plan.

    You are also correct, the 401 k plan is getting a major beat down right now. The market sucks and Vanguard (we) are all taking a huge hit. I look forward to talking to you again and your future posts.

    The Mayor
     
  5. Be thankful you even have a pension. Some of us in this economy are having a hard time putting food on the table for the family. Please get a grip!
     
  6. MrFedEx

    MrFedEx Engorged Member


    Someone who writes crap like this has to be in management. * Like I said, if FedEx is so wonderful, why are people leaving in droves in the midst of a recession? *
     
    Lasted edited by : Aug 6, 2008
  7. For your information, I am not in management. * Why don't you quit FedEx? Try and get yourself a so called better job out there in this economy. Let us know your achievements.
     
    Lasted edited by : Aug 6, 2008
  8. MrFedEx

    MrFedEx Engorged Member

    If you're not in management,you should be, especially given your incredible lack of ignorance and ability to "spin" a crap company into a good one. I cannot stand company Boy Scouts like you who just don't have a clue. Perhaps you work in East Bicycle Seat, Arkansas, where $15.00 or so an hr to start is "big money". Fred loves "believers" like you who will swallow anything management says. Perhaps you should consider a good religious cult like the Moonies or the Hare Krishna?
     
  9. WOW! Your so depressing! Since you're not ignorant and everyone else is - why would you even work for a "crap" company. Yes, I do think positive about the company I work for, otherwise I just wouldn't be working for them, I do have my pride. What's wrong with Boy Scouts in the company - can't keep up with them, need some help? If you were smart yourself you would let the negative things roll off your back, but obviously, Fred has beaten you (as you say Fred has beaten us all)!!!!!!!
    You've just insulted everyone in Arkansa (another negative response by you). You obviously need some help for your negativity. After reading your posts, I just can't get over the fact that you still work for Fred, why? You should have gotten out long time ago.